3 Nov 2024
Company completes seismic processing on PEL 93 acreage, setting the stage for exploration drilling to tap untapped hydrocarbon resources in Namibia’s Owambo Basin.
88 Energy Ltd., through its wholly owned subsidiary in Namibia, has set a 2026 target to drill the first well on Petroleum Exploration License (PEL) 93 in Namibia’s Owambo Basin, contingent on receiving the necessary approvals. The company recently concluded the processing of 2D seismic data over PEL 93, an area spanning approximately 18,500 square kilometers of underexplored subsurface.
The seismic processing, a key requirement to fulfill the First Renewal Exploration period license commitment, involved more than 200-line kilometers of 2D seismic data. Earth Signal, a Canadian-based firm specializing in land seismic data processing, handled the work, covering 203-line kilometers. According to 88 Energy, Earth Signal’s expertise has delivered a high-quality image that enables detailed interpretation of the Damara play, with particular focus on potential reservoirs within the Mulden and Otavi targets.
The seismic review has reinforced earlier findings, highlighting several leads previously identified from legacy datasets. Initial structural interpretations by 88 Energy's joint venture (JV) partner, MEL, identified Lead 9 as a prominent high-relief structure spanning approximately 186 square kilometers. The structure offers promising charge potential from the source rock interval located centrally within the basin.
The JV partners are now moving into a more comprehensive interpretation phase for the new seismic data. The aim is to refine the prospect inventory and achieve an initial independent prospective resource classification by the first quarter of 2025. Insights from Reconnaissance Energy Africa Ltd.'s Naingopo-1 well, situated in nearby PEL 73, will guide the exploration team in evaluating potential drilling locations within PEL 93.
Recon Africa’s Naingopo-1 well, targeting the same Damara play as 88 Energy’s PEL 93 focus, is the first well drilled by the company in the Owambo Basin. Announced in October 2024, Naingopo-1 results are anticipated soon. Recon Africa’s decision to farm out to BW Energy prior to the well's spud has underscored the region’s growing attraction within the oil and gas community, adding further validation to exploration efforts by Recon Africa and its peers.